Group 1: Technology Sector Overview - Information technology is one of the top-performing sectors in 2025, but returns are unevenly distributed across the tech universe [1] - The Magnificent Seven, including major firms like Apple Inc. and Alphabet, have performed in line with the broader market, with the Roundhill Magnificent Seven ETF returning 9.6% compared to 9.3% for the S&P 500 year-to-date [2] Group 2: Indie Semiconductor Inc. - Indie Semiconductor, a specialized semiconductor maker for the automotive industry, has a market cap under $1 billion and reported a non-GAAP gross margin of 49.1% in Q2 2025 [3][4] - The company is preparing to scale production of its 77 GHz radar chipset and has found success with its LXM laser product, which could address a market worth up to $5 billion by 2030 [4] - Five out of six analysts have given indie a Buy rating, with a 12-month stock price forecast of $5.90, indicating a potential upside of 37.85% from the current price of $4.28 [5] Group 3: ACM Research Inc. - ACM Research, which specializes in chipmaking equipment, reported a revenue increase of over 6% year-over-year to over $215 million, driven by sales of its Ultra C WB wet bench tool [7][8] - The company has nearly doubled its long-term revenue forecast for its Chinese business to $2.5 billion, anticipating significant growth in the semiconductor space [8] - ACM shares have risen almost 14% year-to-date, with a consensus price target of $26.33, suggesting further upside potential [9] Group 4: Arteris Inc. - Arteris focuses on on-chip interconnect fabric technology and reported Q2 2025 revenue of $16.5 million, beating expectations despite a GAAP net loss of $9.13 million [10][11] - The company has a market cap under $400 million and is expected to have a significant impact in the AI chip industry, with all three analysts rating its shares as a Buy [12] - Analysts project a 12-month stock price forecast of $15.00 for Arteris, indicating a potential upside of 63.40% from the current price of $9.18 [10]

Group 1 - Major stock index futures are showing positive movements, with Dow futures up 0.28%, S&P 500 futures up 0.20%, and Nasdaq futures up 0.12% [1] - NIO's stock is up 6.5% in pre-market trading, following the announcement of the new ES8 model, which has a starting price of 416,800 yuan for the luxury version and 308,800 yuan for the battery-as-a-service option [1] - Nvidia's stock is down 1.5% in pre-market trading after reports that the company has asked suppliers to pause production of the H20 chip [1] Group 2 - Alphabet's stock is up over 1% in pre-market trading after the company announced it would provide AI services to U.S. federal agencies at a symbolic price of 47 cents per institution [1] - Starbucks is expected to receive a non-binding acquisition offer for its China operations within two weeks, although details regarding the offer and potential buyers remain unclear [1] Group 3 - Tesla plans to integrate voice assistant features powered by DeepSeek and ByteDance's "Doubao" large model into vehicles sold in China [2] - Morgan Stanley analysts predict that OPEC is likely to cut production again in early 2026 due to potential oversupply between Q4 of this year and Q2 of next year [2]

补充资料：Box5:the relevant class of shares is Class A ordinary shares.Box28:the derivative interests represent ADSs listed on NYSE. 香港联交所最新资料显示，8月21日，首席执行官兼董事长何小鹏增持小鹏汽车-W(09868)310万股，每 股作价80.4852港元，总金额约2.5亿港元。增持后最新持股数目约为1133.98万股，持股比例为0.73%。 ...

8月22日，根据恒生指数公司发布的新闻稿，港股市场将调整多个指数成份股，其中恒生指数成份股将由85 只进一步增加至88只。 恒生综合指数成份股数目也有所扩容，由502只增加至504只。 上述变动将于2025年9月5日（星期五）收市后实施，并于2025年9月8日（星期一）起生效。 值得注意的是，这是恒生指数成份股的进一步扩容。此前，在恒生指数公司宣布的截至2025年3月31日的恒 生指数系列季度检讨结果中，恒生指数成份股由83只增加至85只。 恒生指数成份股再"扩容" 8月22日，恒生指数有限公司（简称"恒生指数公司"）宣布截至2025年6月30日的恒生指数系列季度检讨结 果，其中在港股市场最受关注的指数之一——恒生指数，成份股数目将进一步增加，由85只增加至88只， 加入中国电信、京东物流、泡泡玛特3只股票。 | 代號 | 公司 | 恒指分類指數 | | --- | --- | --- | | 728 | 中國電信股份有限公司 - H 股 | 恒生工商業分類指數 | | 2618 | 京東物流股份有限公司 | 恒生工商業分類指數 | | 9992 | 泡泡瑪特國際集團有限公司 | 恒生工商業分類指數 | 另一 ...

- Model Name: Market New High Trend Tracking; Model Construction Idea: The model aims to track the market trend and identify market hotspots by regularly monitoring stocks that hit new highs; Model Construction Process: The model uses the 250-day new high distance to represent the new high situation. The calculation method is as follows: $ 250 \text{ Day New High Distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ is the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price in the past 250 trading days. If the latest closing price hits a new high, the 250-day new high distance is 0; if the latest closing price falls back from the new high, the 250-day new high distance is a positive value, indicating the fall back magnitude[11][12][13] - Model Name: Stable New High Stock Tracking; Model Construction Idea: The model focuses on the time series characteristics of momentum, aiming to identify stocks with smooth price paths and continuous new highs; Model Construction Process: The model filters stable new high stocks based on analyst attention, relative stock strength, price path smoothness, and continuity of new highs. Specific screening conditions include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Stock Strength: The past 250-day price change is in the top 20% of the market - Price Path Smoothness: Comprehensive scoring using the following two indicators within the stock pool that meets the above conditions, selecting the top 50% of stocks - Price Path Smoothness: Stock displacement path ratio - Continuity of New Highs: The average 250-day new high distance in the past 120 days in the time series - Trend Continuity: The average 250-day new high distance in the past 5 days in the time series, selecting the top 50 stocks[27][29][30] Model Backtest Results - Market New High Trend Tracking, 250-day new high distance for major indices as of August 22, 2025: Shanghai Composite Index 0.00%, Shenzhen Component Index 0.00%, CSI 300 Index 0.00%, CSI 500 Index 0.00%, CSI 1000 Index 0.00%, CSI 2000 Index 0.06%, ChiNext Index 0.00%, STAR 50 Index 0.00%[12] - Market New High Trend Tracking, 250-day new high distance for major industry indices as of August 22, 2025: Home Appliances 0.00%, National Defense and Military Industry 0.00%, Comprehensive 0.00%, Media 0.00%, Computer 0.00%; Food and Beverage, Coal, Real Estate, Banking, Consumer Services are far from the 250-day new high[13] - Market New High Trend Tracking, 250-day new high distance for major concept indices as of August 22, 2025: Digital Currency, Wind Power, Aerospace Military Industry, Auto Parts, Metal Non-metal, Automobile, Home Appliances are close to the 250-day new high[16] Factor Construction and Backtest Results - Factor Name: New High Stock Monitoring; Factor Construction Idea: The factor aims to monitor the market and industry trends by tracking stocks that continuously hit new highs; Factor Construction Process: The factor filters stocks that have hit a 250-day new high in the past 20 trading days within the stock pool that has been listed for more than 15 months. As of August 22, 2025, 1606 stocks have hit a 250-day new high in the past 20 trading days. The industries with the most new high stocks are machinery, medicine, and electronics, with 233, 219, and 174 stocks respectively. The industries with the highest proportion of new high stocks are national defense and military industry, non-ferrous metals, and medicine, with proportions of 52.94%, 51.61%, and 44.88% respectively[20][21] - Factor Name: Stable New High Stock Tracking; Factor Construction Idea: The factor aims to identify stocks with smooth price paths and continuous new highs; Factor Construction Process: The factor filters stable new high stocks based on analyst attention, relative stock strength, price path smoothness, and continuity of new highs. Specific screening conditions include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Stock Strength: The past 250-day price change is in the top 20% of the market - Price Path Smoothness: Comprehensive scoring using the following two indicators within the stock pool that meets the above conditions, selecting the top 50% of stocks - Price Path Smoothness: Stock displacement path ratio - Continuity of New Highs: The average 250-day new high distance in the past 120 days in the time series - Trend Continuity: The average 250-day new high distance in the past 5 days in the time series, selecting the top 50 stocks[27][29][30] Factor Backtest Results - New High Stock Monitoring, number of new high stocks in different industries as of August 22, 2025: Machinery 233, Medicine 219, Electronics 174; proportion of new high stocks in different industries: National Defense and Military Industry 52.94%, Non-ferrous Metals 51.61%, Medicine 44.88%[20] - New High Stock Monitoring, number of new high stocks in different sectors as of August 22, 2025: Manufacturing 512, Technology 403, Cycle 343, Medicine 219, Consumption 79, Big Finance 43; proportion of new high stocks in different sectors: Manufacturing 33.01%, Technology 28.64%, Cycle 30.65%, Medicine 44.88%, Consumption 16.42%, Big Finance 18.86%[21] - New High Stock Monitoring, number of new high stocks in different indices as of August 22, 2025: CSI 2000 613, CSI 1000 275, CSI 500 125, CSI 300 54, ChiNext Index 19, STAR 50 Index 8; proportion of new high stocks in different indices: CSI 2000 30.65%, CSI 1000 27.50%, CSI 500 25.00%, CSI 300 18.00%, ChiNext Index 19.00%, STAR 50 Index 16.00%[21] - Stable New High Stock Tracking, number of stable new high stocks in different sectors as of August 22, 2025: Technology 22, Manufacturing 12; most new high stocks in Technology sector are in Electronics industry; most new high stocks in Manufacturing sector are in Automobile industry[30]

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年8月22日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为0.00%、 0.00%、0.00%、0.00%、0.00%、0.06%、0.00%、0.00%。中信一级行业指数中家电、国防军工、综合、传媒、计算机行业指数距离250日新高较 近，食品饮料、煤炭、房地产、银行、消费者服务行业指数距离250日新高较远。概念指数中，数字货币、万得风电、航天军工、汽车零部件、金属非金 属、汽车、家用电器等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年8月22日，共1606只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是机械、医药、电子行业，创新高个股数量占比最 高的是国防军工、有色金属、医药行业。按照板块分布来看，本周制造、科技板块创新高股票数量最多；按照指数分布来看 ...

魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 2025 年 08 月 22 日 金融工程研究团队 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790121070009 苏 良（分析师） 证书编号：S0790121070008 何申昊（分析师） 证书编号：S0790524070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《 军 工 板 块 的 资 金 行 为 监 测 》 -2025.05.17 《稀土产业板块的资金行为监测》 -2025.06.20 《恒生科技板块的资金行为监测》 -2025.07.11 《 PCB 板 块 的 资 金 行 为 监 测 》 -2025.08.01 魏建榕（分析师） 苏俊豪（分析师） weijianr ...

Group 1 - Tesla has partnered with Volcano Engine to enhance its smart cockpit interaction experience in China, integrating large models for voice command functionalities in the new Model Y L [4] - Kuaishou's stock rose nearly 4% after Jefferies slightly raised its target price to 94 HKD, citing growth in revenue driven by video generation AI models, while Citigroup expects a 15% GMV growth in Q3 [4] - Alibaba launched the new Agentic Coding platform Qoder, which integrates top programming models and can search through 100,000 code files at once [4] Group 2 - Analysts have raised Nvidia's 12-month target price by an average of 3% to nearly 194 USD ahead of its earnings report, reflecting confidence in the company's growth potential [5][6] - The new average target price for Nvidia suggests over a 10% upside based on its recent closing price, with major investment banks participating in this upward revision [6] - Nvidia's target price increase comes amid a broader pullback in tech stocks, as investors shift towards lower-risk sectors following high valuations and reduced expectations for Fed rate cuts [6] Group 3 - OpenAI plans to open its first office in India, which is its second-largest user market, and has begun recruiting a local team to enhance access to advanced AI technology [10] - OpenAI recently launched its lowest-priced monthly subscription for ChatGPT in India at 399 INR (less than 5 USD), with a significant increase in weekly active users over the past year [10] - OpenAI faces strong competition in India from Google's Gemini and AI startups like Perplexity, which have launched services and offered free premium packages to local users [11]

近日，日产汽车发布2025财年第一季度财报，报告期内，日产汽车其净亏损1157.6亿日元，同比由盈转 亏，利润率降至-2.9%。合并营业亏损为791亿日元，优于此前预测的2000亿日元。日产汽车全球销量为 70.7万辆，合并净收入为2.7万亿日元。 对此，日产汽车方面对《中国经营报》记者表示，通过Re:Nissan计划的稳步推进，当前财务表现好于 预期。 日产汽车公司代表执行官、总裁兼首席执行官伊凡·埃斯皮诺萨（Ivan Espinosa）表示："这些数据提醒 着我们Re:Nissan计划背后的紧迫性。在过去这一个季度，我们坚决地实施了各项初步举措——削减成 本、重新定义产品和市场战略，以及加强关键合作伙伴关系。而现在，我们必须走得更远、更快，才能 实现盈利。日产全体员工齐心协力，共同实现重振目标，确保公司拥有可持续且盈利的未来。" 第一季度节省300多亿日元 在上一财年，日产汽车交出了一份亏损财报，公司全球销量334.6万辆，净亏损6709亿日元。 从短期来看，日产汽车对未来销售前景仍不乐观。公司调整了半年度的预期，预计净销售额为5.5万亿 日元，亏损1800亿日元。这意味着，对于今年7—9月份的第二财季， ...

Group 1 - Jiangsu Securities Regulatory Bureau has enhanced its regular visiting mechanism for listed companies, achieving a coverage rate of 64.78% by visiting 458 companies as of July 31, 2023, and resolving 446 issues to promote better development [1] - The bureau focuses on key industries, such as automotive and home appliances, to help companies leverage national policies for quality improvement and efficiency, with nearly 90% of related companies achieving profitability [2] - In the pharmaceutical sector, the bureau has guided innovative drug companies to utilize capital markets for upgrades, with one company successfully obtaining FDA approval for a new drug [2] Group 2 - The bureau supports listed companies in financing and mergers, with equity financing reaching 51.233 billion yuan from January to July 2023, and 209 new merger and acquisition disclosures, totaling over 65.084 billion yuan [3] - A total of 83 listed companies in Jiangsu have announced buyback or increase plans, amounting to 15.924 billion yuan, while 160 companies plan to conduct mid-term dividends, a 11.72% increase year-on-year [4] - The bureau has established strategic cooperation agreements with 13 cities to enhance communication and support for listed companies, leading to the stable delisting of 6 ST companies this year [5]